The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR.  Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Oriole Resources PLC

('Oriole Resources' or the 'Company')

Maiden JORC Exploration Target for Mbe

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company focused on West and Central Africa, is pleased to publish the maiden JORC Exploration Target for its 90%[1] owned Mbe orogenic gold project ('Mbe' or the 'Project') in Cameroon.

Highlights

·    A maiden JORC Exploration Target range for the Project's MB01 prospect of 33 to 44Mt at 0.77 to 0.95g/t Au for 0.82 to 1.34Moz contained Au produced by independent consultant Forge International Limited.

·    The Exploration Target covers the MB01-N and MB01-S targets and has been based on the assay data from the first 13 holes out of a planned 24-hole programme at MB01-S and the 2024 trenching data across both targets.  The model has been limited to 200m depth below surface and uses a lower cut-off grade of 0.30g/t Au.

·    Grade-tonnage sensitivity analysis shows strong retention of contained ounces at higher cut-off grades, with mid-range grades increasing to 1.07g/t Au at a 0.50g/t Au cut-off for 900,000oz and 1.33g/t Au at a 0.70g/t Au cut off for 700,000oz.

·    The drilling programme at MB01-S is ongoing, with completion scheduled for this quarter.  The Company anticipates publishing an independent consultant's maiden, pit-constrained Mineral Resource Estimate ('MRE') in Q4-2025 and believes that the Project could be mined by open pit mining methods.

·    Independent assessment of mineralogy from drill hole MBDD002 confirms the material tested exhibits gold encapsulation in pyrite and the predominance of gold-telluride (calaverite and petzite) mineralisation.  Further test work is planned to evaluate the optimum processing route from the various possible options. 

Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The maiden exploration target for the Company's Mbe project is a significant milestone achieved, and we are delighted with the target range which has a median of 38Mt at a mean grade of 0.86g/t for 1.1Moz contained gold.  As drilling at MB01-S continues, we greatly look forward to reporting the maiden MRE in Q4-2025."

Figure 1. Plan view of mineralised domains and informing data for the maiden Mbe Exploration Target.

Further Details

Maiden Exploration Target

A maiden JORC Exploration Target for the Mbe project has been prepared by Forge and is presented in Table 1.  It has been prepared to provide a preliminary indication of the potential scale and grade of mineralisation at the MB01 prospect, thereby informing the design and prioritisation of ongoing exploration activities.  The Exploration Target* range of 33 to 44 million tonnes at 0.77 to 0.95g/t Au for 0.82Moz to 1.34Moz contained Au has been delineated based on diamond drilling results from holes MBDD001 to MBDD013 at MB01-S, as well as trenching data, and the interpretation of geophysical and geochemical anomaly maps from both MB01-N and MB01-S.       

Table 1. Exploration Target* for the MB01 prospect at Mbe, comprising the MB01-N and MB01-S targets  

*The potential quality and grade of the Exploration Target are conceptual in nature.  There has been insufficient exploration to estimate a Mineral Resource, and there is no certainty that further exploration work will result in the determination of a Mineral Resource.

Notes:

·    The target has been delineated based on a dataset comprising 15 diamond drill holes and 16 trenches, totalling 11,582m.  Assay data is currently only available for 13 of the 15 drill holes; the remaining two holes are pending analytical results and have not been included in the grade estimation.

·    The Exploration Target was generated by constructing three-dimensional wireframe models representing interpreted mineralised bodies.  Extrapolation is limited to 200m along strike, consistent with observed mineralised trends, and extended to a vertical depth of 200m below current surface topography.

·    Oxidation modelling was not incorporated into this phase of work.  As such, the impact of oxidation on grade distribution remains a source of uncertainty.

·    A lower cut-off grade of 0.30g/t Au was applied to define mineralised blocks considered within the target.  The grade range has been determined by applying a ±10% variation around the calculated mean grade above the selected cut-off.

·    Tonnage estimates are derived from the modelled tonnage ±15%.

·    A mean bulk density of 2.7t/m³ has been applied within the mineralised domains.

·    All figures are rounded to reflect the inherent uncertainty and relative accuracy of the estimate.

·    Infill drilling is recommended to advance the understanding of mineralisation continuity and grade distribution.

·    The Exploration Target estimate has been prepared by Mr Robert Davies, EurGeol, CGeol, who is a Competent Person as defined by the JORC Code.

Grade-tonnage sensitivity analysis of the Exploration Target has confirmed that it shows strong retention of contained gold ounces at higher cut-off grades, with mid-range grades increasing to 1.07g/t Au at a 0.50g/t Au cut-off for 900,000oz and 1.33g/t Au at a 0.70g/t Au cut off for 700,000oz (Table 2).

Table 2. Grade Tonnage Sensitivity analysis

The Exploration Target remains open in all directions and at depth and it is anticipated that it will be succeeded by a maiden MRE in Q4 2025, following completion of the Phase 1 drilling programme later this quarter.

Metallurgical Testwork

Initial bottle roll tests on surface samples at the Project had indicated good gold recoveries from those samples from standard cyanide leaching.  The Company today reports that more advanced mineralogical studies, on material from drill hole MBDD002, located within the dominantly fresh ore zone, has confirmed that the gold predominantly occurs as fine-grained tellurides (calaverite with lesser petzite).  The mineralogy is therefore similar to that identified at the Company's Bibemi gold project, and therefore likely reflects a regional trend.

Diagnostic leaching test data indicates that 54.4% of the gold is recoverable via carbon-in leach processing, with an additional 12.4% (for a total of 66.8%) recoverable by hydrochloric acid ('HCl') leaching.  Approximately 30% of the gold is strongly associated with the primary sulphide pyrite and is not amenable to standard cyanide leaching.  As at Bibemi, it is expected that one processing option might be the oxidation of a flotation concentrate followed by cyanidation of the oxidised residue to achieve an acceptable gold recovery by negating the influence of telluride association and pyrite encapsulation.  Further testwork, which will inform the optimal processing route from the various options available, is planned.  This includes possible alternatives to pressure oxidation, such as other oxidation processes, e.g. the Albion process, as well as fine grinding of a flotation concentrate, more intensive cyanidation at high pH and a pre-leach treatment to dissolve tellurium ahead of gold leaching.

Whilst gold telluride mineralogy is somewhat uncommon, ores of this type have been mined and successfully processed using various processing methods.  Examples include Kalgoorlie in Western Australia, one of the world's richest goldfields (approximately 60 million oz extracted to date since discovery in 1893), Cripple Creek in Colorado (approximately 21 million oz extracted), and the Emperor mine in Fiji. 

Further information can be found in the JORC Table 1 disclosure on the following page of the Company's website: https://orioleresources.com/projects/mbe/. 

Enquiries:

Competent Persons Statement

The information in this announcement that relates to the Mineral Resource Estimate and the Exploration Target is based on data compiled by Mr. Robert Davies, EurGeol, CGeol, an independent consultant to Oriole.  Mr Davies is a Director of Forge International Limited.  Mr Davies has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code.  Mr Davies consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.  The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource Estimate or the Exploration Target, and that all material assumptions and technical parameters underpinning the MRE and the Exploration Target continue to apply.

The technical information in this release that relates to Exploration Results and the planned exploration programme has been compiled by Mrs Claire Bay (Executive Director).  Claire Bay (MGeol, CGeol) is a Competent Person as defined in the JORC code and takes responsibility for the release of this information.  Claire has reviewed the information in this announcement and confirms that she is not aware of any new information or data that materially affects the information reproduced here.

The mineralogical and scouting process test work leading to the development of the provisional flowsheet has been supervised and interpreted by Mr David Lunt of Stirling Process Engineering Ltd. David has significant experience in gold processing and is a Competent Person as defined in the JORC Code.

Glossary and Abbreviations

Notes to Editors

Oriole Resources

Oriole Resources PLC is an AIM-quoted gold exploration company, with projects in West and Central Africa.  It is focused on early-stage exploration in Cameroon, where the Company has reported a Resource of 460,000oz contained gold at 2.06g/t Au in the JORC Indicated and Inferred categories at its 90% owned Bibemi project and has identified multi-kilometre gold and lithium anomalies within the district scale Central Licence Package project.  BCM International is currently earning up to a 50% interest in the Bibemi and Mbe projects in return for a combined investment of US$1.5 million in signature payments, up to US$8 million in exploration expenditure, as well as JORC resource-based success payments.

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl ('AGEM'), a wholly owned subsidiary of Managem Group, has completed a six-year earn-in to acquire an approximate 59% beneficial interest in the Senala Exploration Licence by spending US$5.8 million.  The Company has reported a Resource of 155,000oz contained gold at 1.26g/t Au in the JORC Inferred category for the Faré South prospect, and an additional, complementary Exploration target range of 17 to 24Mt at a grade of 0.69 to 0.84g/t Au for 380,000 to 650,000oz contained gold for all prospects at Senala.  Discussions on the formation of a joint venture company are currently underway.  The Company also has several interests and royalties in companies operating in East Africa and Turkey that could give future cash payments.

For further information please visit www.orioleresources.com,  @OrioleResources on X

Background on Mbe

Mbe, with a licence area of 312km², is an orogenic gold project located within the broader 2,266km² 'Eastern CLP' package of five contiguous gold focused exploration licences in the Adamawa Region of central Cameroon.  Since 2022, the Company's systematic exploration programmes have identified a 3km long, NE trending prospect, named MB01, which sits within a wider 12.5km long zone of gold-in-soil anomalism that trends ENE.

At MB01, increased dilation at the sites of structural intersections (steeply dipping NNE and NNW trending shear structures) is believed to have resulted in enhanced levels of gold deposition at the northern target, MB01-N, and MB01-S, the southern target.  Gold mineralisation at these targets comprises high-grade, sulphide-rich quartz veins, veinlets and breccias within wider envelopes of pervasive, lower-grade gold mineralisation. 

After highly encouraging results from infill soil sampling, rock-chip sampling, and trench sampling, a fully funded maiden drilling programme commenced at the MB01-S target in late November 2024 for a planned 6,590m in 24 holes.  BCM International has acquired an initial 10% interest in Mbe and is earning up to a further 40% interest by spending up to US$4 million on exploration.